Regulatory Alerts1998-08-31
Added · Updated
Foreigners Salary Remittances Directive No. FXD/10/1998
Commercial Banks must allow foreign exchange for salary remittances to foreign employees upon submission of prescribed documents, limiting the amount to net earnings while excluding free accommodation, gratuity, and accumulated leave pay. Banks are required to submit two copies of salary remittance applications and bank advices to the National Bank of Ethiopia by 10:00 A.M. every working day, and permits are valid only for the month of issue with a possible 10-day extension. Foreign employees of diplomatic missions and international organizations may transfer net earnings from their Non-Resident accounts, subject to specific exemptions. The directive repeals Amendment Notice No. 24/1997 and imposes penalties for non-compliance, such as failing to submit returns or remitting funds without proper forms, under Proclamation No. 83/1994.